Spares Optimization

Spare Parts Management and Optimization Webinar

Cost: Free

When: June 14, 2022, 11:00 am - 11:45 am CDT


The cost of holding spare parts is often higher than organizations expect, because of lost interest, obsolescence, insurance cost, storage space, warehouse management systems, and personnel. COVID-19 has only increased these challenges, as organizations are forced to rethink their spare parts management philosophies to deal with supply chain restrictions and overall unpredictability.

In this webinar, we’ll discuss current leading practices for spare parts management and challenges in the energy sector. We’ll also explain what the right balance between reliability and logistics look like for effective spare parts management and optimization.

Key Webinar Focus / Agenda:

  • An overview of a leading digital solution for Spare Parts Optimization
  • Reliability considerations for inventory management
  • Critical spare parts classification and carrying cost factors
  • Poisson’s Method and Monte Carlo simulations
  • Cost risk analysis
  • Dynamic risk management and stock level benchmarking
  • A maturity roadmap for Spare Parts Management
  • Key metrics and performance management considerations